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Banker's Toolbox Releases Innovative New Business Intelligence Solution  —
Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur, giving financial institutions a competitive advantage. (Read more.)

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NMLS maintenance schedule this weekend

NMLS Federal Registry Sources has announced that the NMLS and Consumer Access will be unavailable, due to system maintenance, from 9:00 p.m. March 17 to 10:00 a.m. March 18. The maintenance is in preparation for making Release 2017.1 available Monday morning.


Bureau starts biennial credit card market review

The CFPB has published a request for information from the public as part of its biennial review of the credit card market under the CARD Act.


Curry and Cordray on fintech innovation

In a presentation at the Lendit USA 2017 conference, Comptroller Curry discussed financial technology innovation. His remarks highlighted the potential for responsible innovation to expand financial inclusion and improve the delivery of banking products and services. During the speech, the Comptroller also provided an update on initiatives by the Office of the Comptroller of the Currency to support responsible innovation within the federal banking system. At the same conference CFPB Directory Cordray delivered prepared remarks on three broad areas of special interest to the Bureau. First, the approach the CFPB takes to encouraging consumer-friendly innovations in consumer finance. Second, the Bureau's consideration of the issue of consumer control over their personal financial data. Third, the benefits and risks of using unconventional sources of data to underwrite loans as a way to open access to credit for more consumers.


OCC workshops for directors scheduled for Phoenix

The OCC has announced it will host two workshops at the Crowne Plaza Phoenix Airport in Phoenix, Arizona, April 11-12, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Credit Risk workshop on April 11 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The Operational Risk workshop on April 12 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


NCUA webinar on providing electronic financial services

The NCUA has announced it will host a webinar, “Pathways to Offering E-Services,” to help credit unions better understand how to put electronic financial services to work for their members. The free 90-minute webinar will be presented on Wednesday, March 22, 2017, beginning at 2 p.m. EDT.


FTC forum on artificial intelligence and blockchain tech

The Federal Trade Commission has released the agenda for its March 9, 2017, FinTech Forum on the consumer implications of two rapidly developing technologies: artificial intelligence and blockchain. The half-day forum will begin at 9 a.m. Pacific time and feature two panel discussions. The first panel will focus on the potential benefits and risks for consumers with the use of artificial intelligence, which involves the capability of machines to mimic human thinking or actions such as learning and problem solving, in consumer products or services, including personalized financial services. The second panel will examine the potential applications and consumer implications of blockchain, a technology for recording electronic transactions utilizing distributed ledger technology, including uses both within and beyond payments services.


OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.


FinCEN proposing SAR data fields revisions

FinCEN has published at 82 FR 9109 in the Federal Register a notice and request for comments on a proposed update and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (“BSA”). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. Most of the proposed changes would alter the "checklist" of violations in Part II of the filings, including the addition of several fields related to cyber events. Comments are due by April 3, 2017.


January FedFocus posted

Federal Reserve Bank Services has posted the January 2017 issue of FedFocus featuring an article marking the second anniversary of the release of the "Strategies for Improving the U.S. Payment System" paper. To commemorate another year of substantive industry progress and momentum across the payments industry, the Federal Reserve released "Strategies for Improving the U.S. Payment System – January 2017 Progress Report," which highlights accomplishments as well as plans for 2017.


Payment system progress report released

The Federal Reserve System has released a progress report outlining accomplishments and anticipated steps moving forward related to the ongoing initiatives to enhance the speed, efficiency and security of the U.S. payment system. The report highlights collaborative efforts in support of five strategies outlined in the January 2015 publication of Strategies for Improving the U.S. Payment System.


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UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

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